https://www.taxtmi.com/caselaws?id=12593 The High Court of Delhi ruled in favor of the assessee, holding that section 52(2) of the Income-tax Act, 1961 did not apply. The fair market value of the property at Rs. 11 lakhs, as declared by the assessee or shown in the sale deed, was accepted. The decision aligned with the precedent established in K.P. Varghese v. ITO [1981] 131 ITR 597. en-us Mon, 16 Jul 2001 00:00:00 +0530 Wed, 20 May 2009 13:29:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12593 The High Court of Delhi ruled in favor of the assessee, holding that section 52(2) of the Income-tax Act, 1961 did not apply. The fair market value of the property at Rs. 11 lakhs, as declared by the assessee or shown in the sale deed, was accepted. The decision aligned with the precedent established in K.P. Varghese v. ITO [1981] 131 ITR 597. Case-Laws Income Tax Mon, 16 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12593